This note to G20 Finance Ministers and Central Bank Governors for their October 2022 meeting outlines the FSB’s prioritisation plan and engagement model for taking the Roadmap for Enhancing Cross-border Payments forward. Partnership between the public and private sector will be crucial.

The FSB coordinates the implementation of the roadmap through its Cross-Border Payments Coordination Group (CPC), and reports on progress to the G20. Each of the roadmap’s 19 building blocks is being taken forward by one or more specified bodies – notably the CPMI, FSB and other relevant international organisations and standard-setting bodies.

The note discusses:

  • Utilising levers for supporting collective action

  • Prioritising to achieve the targets, in three areas:

    • Payments system interoperability and extension

    • Legal, regulatory and supervisory frameworks

    • Cross-border data exchange and message standards

  • Private sector engagement at all levels

  • Engagement with public authorities beyond the G20

The FSB will coordinate work to develop the further detail of the actions that will take place to follow through with this prioritisation plan, including through discussions with industry participants. It will incorporate the actions into an updated Roadmap, which it will provide to the first G20 Finance Ministers and Central Bank Governors meeting in 2023.